Amaroq Minerals Ltd. has successfully closed its fundraising, raising net proceeds of approximately £44 million (C$75 million, ISK 7.6 billion) through a placing of common shares. The company has issued a total of 62,724,758 new common shares, and following admission, its total issued share capital will consist of 326,455,446 common shares of no par value. The net proceeds from the fundraising will be used to accelerate mining of the Target Block at the Nalunaq gold project, installation of a flotation circuit, and dry-stack tailings facility to increase recoveries, as well as to accelerate exploration across the Vagar, Nanoq, and Gardaq JV licences.
The fundraising also saw Amaroq director, Sigurbjorn Thorkelsson, participating in the Canadian Subscription for an aggregate of 2,700,000 Canadian Subscription Shares for gross proceeds of £2.0 million (equivalent to approx. C$3.4 million or ISK 343 million) via Klettar LP. The company is relying on exemptions from the formal valuation and minority approval requirements for the related party transaction, as the fair market value of the securities distributed to, and the consideration received from, interested parties does not exceed 25% of the company’s market capitalization.
Stifel acted as the sole bookrunner and broker on the UK Placing, and Landsbankinn and Fossar acted as joint bookrunners on the Icelandic Placing. The fundraising is subject to final acceptance of the TSX-V.
This announcement contains inside information and is considered to be in the public domain upon publication via a regulatory information service.